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SB25-016

Updating Escrow Disbursement Practices

Concerning updating the framework governing escrow disbursements for real estate transactions.
Session:
2025 Regular Session
Subject:
Financial Services & Commerce
Bill Summary

The act modifies the types of funds that are available for immediate withdrawal as a matter of right in real estate transactions by:

  • Limiting wire transfer funds to only those funds that are wired through a funds-transfer system operated by the federal reserve or the Clearing House Payments Company; and
  • Adding a real-time or an instant payment made through a funds-transfer service operated by the federal reserve or the Clearing House Payments Company's real-time payments system.
    (Note: This summary applies to this bill as enacted.)

Status

Introduced
Passed
Became Law

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Bill Text

Sponsors

Sponsor Type Legislators
Prime Sponsor

Sen. M. Snyder
Rep. A. Boesenecker, Rep. R. Weinberg

Sponsor

Co-sponsor

Sen. S. Bright, Sen. J. Carson, Sen. J. Coleman, Sen. C. Kipp, Sen. J. Marchman, Sen. D. Michaelson Jenet
Rep. J. Bacon, Rep. S. Bird, Rep. J. Caldwell, Rep. B. Marshall

The effective date for bills enacted without a safety clause is August 6, 2025, if the General Assembly adjourns sine die on May 7, 2025 (unless otherwise specified). Details

Request for Proposal for the COL study. Details

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